9 Countries With Best Minimum Wage You Can Live On
“Countries with best minimum wage”
Nobody wants to live on minimum wage, but many people around the world are forced to. Living on minimum wage, however, doesn’t necessarily mean the same thing everywhere.
For instance, in Uzbekistan, the cost of food alone is more than 2.5 times that of a worker making the minimum wage. From this list, data from a 2020 CEOWORLD magazine report support this. Although Uzbekistan is an extreme case, this ratio is depressing in other nations as well. For instance, in the Philippines, spending on food accounts for 75% of a minimum wage worker’s income. Read also 10 Biggest And Better Deals At Walmart Right Now
Countries With Best Minimum Wage To Live On
Although most people strive to earn more than the minimum wage, it might be your reality for a while. Then visiting these countries with best minimum wage would make you feel better about your predicament. The same 2020 data will be used to examine the nations where people spend less of their income on necessities like milk, bread, and eggs. The countries with best minimum wage to live on are listed below. The figures below are all displayed in US dollars! Read also Practical Ways To Cut-Off Impulsive Shopping And Save Your Money Right
The 9 Top Nations For Living On Minimum Wages
Canada is listed as one of the countries with best minimum wage. Even though the country to the north of the United States is frequently cold, if you make minimum wage, you’ll feel a little cozier there. While its gross minimum monthly wage was only $1,383 in 2020, it only required minimum wage earners to spend 11% of their income on necessities like food.
In contrast, Americans on the federal minimum wage spent 14.1% of their income on those things in the same period. In Canada, the minimum wage increased by 2.6% in 2020. Read also 10 Affordable And Best Cities To Retire In Florida On a $2,500 Monthly Budget
Are you yearning for the countries with best minimum wage to live on? Then count Luxembourg as one. The cost of living in Luxembourg, a small country bordered by Germany, Belgium, and France, is not the lowest. However, it is more reasonably priced than many American cities, and people there make enough money to at least keep up with expenditures.
In 2020, the gross minimum monthly pay was $1,989, a 0.8% increase from the previous year. However, the country’s minimum wage earners only spent 9.5% of their wages on necessities like food. Read also 15 Best Beach Cities To Retire In US On $2,500 Monthly Budget
In terms of GDP, Germany has the biggest economy in Europe and is only outranked by the United States, China, and Japan. Despite this, it is still feasible and one of the countries with best minimum wage to live there on minimum pay. It’s gross minimum monthly salary increased 1.9% from the previous year to $1,358 in 2020. Only 9.3% of Germans who made the minimum wage were spending their money on necessities like food. Read also 10 Most Affordable Places In The United States To Retire On a Low Budget
In 2020, Spain’s gross minimum monthly wage was only $1,163, and it’s annual wage growth rate of 1.4% was likewise not very noteworthy. Even so, workers there earning the minimum wage only spent 9.2% of their income on necessities like food, which is still better than almost anywhere else in the world. Read also 4 Cities With Good Weather To Retire Comfortably At a Relatively Low Monthly Budget
5. Saudi Arabia
Being ranked above Spain, Germany, and Canada on this list, Saudi Arabia occupies an intriguing position as one of the countries with best minimum wage. This is due, in part, to the country’s minimum wage growth, which was among the greatest in the world at the time at 33% year over year.
Even though it’s gross minimum salary per month was only $1,067 in 2020, those workers still only spent 9% of their income on necessities like food. Read also 3 Best Cities In Northeast To Retire Comfortably With Minimal Cost Of Living
Even at the low end, the average wage in the Netherlands is respectable. With a gross minimum monthly wage of $1,655, it was roughly in the middle between Ireland and the United Kingdom. However, salary growth was only 1.2% year over year, and only 8.3% of the income of minimum wage workers was spent on staple foods. Read also Retire Here! 10 Best Small Towns In U.S with Low-cost Of Living To Retire
The data separates the Republic of Ireland from the United Kingdom even though it is a part of the United Kingdom but not Northern Ireland. In 2020, the gross minimum monthly pay increased by 2.7% to $1,743. In Ireland, minimum wage people spend 7.3% of their income on essential foods, similar to the U.K. Read also What Is The Best State To Live On Social Security Only? Here Are 15 Best States You Can Live Comfortably On Social Security Check Only
2. United Kingdom
Although the British royal family and many other wealthy individuals call the United Kingdom home, it is not necessary to be wealthy in order to survive there. There, the gross minimum monthly pay in 2020 was $1,523, which was significantly less than Australia’s equivalent.
However, it was also up 4.2% from the previous year, and there, residents only spend 7.3% of their income on necessities like food, making the UK one of the countries with best minimum wage you can live on. Read also 8 Global Remote Jobs That Pays Average Of $20 Plus Per Hour In U.S
Given how few individuals there spend on their excursions to the grocery shop, Australia is known for having a high level of life. The gross minimum monthly pay in Australia was $1,923 in 2020. That represents a minor gain of 2.1% from the prior year.
The citizens of the nation, however, spend one of the lowest percentages of their income—only 7%—on necessities like food. This however, crowns Australia as part of the best countries with best minimum wage that you can live comfortably on! You may also like 7 Countries That Gives You Free Land And Money For You To Stay With Them
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